Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

Indeed, that's a BIG concern. We know the Rotation of Ackman from Commons to Preferreds (commonly referred to as "The Rotation") has begun. How far will he rotate is the question.

If he wants to be on the winning team -- his Fund desperately needs a win, even if it's just a double or triple -- then he will fully align with Berkowitz and the Preferred Holders.

We'll find out soon enough, but considering all of this volume lately it's hard not to speculate that Ackman is now going to Rotate completely out of Commons and into Preferreds. I would imagine he will also join Berkowitz and Short Commons once he's exited his Common trade.